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Transactions - NOVEMBER 5, 2019

JV sells garden-style apartment community in Houston

by Andrea Zander

A joint venture between WillMax Multifamily Investors and Thackeray Partners has sold Steeplecrest, a 260-unit, garden-style apartment community in Northwest Houston’s Jersey Village submarket.

“The Jersey Village/Cypress submarket is very popular with workforce housing buyers because there are limited class A options and no new supply,” said Chris Curry, senior managing director at JLL Capital Markets, which represented the seller. “Class B assets like Steeplecrest offer class A performance, with rent levels above its peers elsewhere in the city. The demographics and schools in the area are strong as well, which drives healthy and sustained demand for the apartments.”

JLL marketed the property exclusively on behalf of the joint venture and procured the buyer, ClearWorth Capital.

Steeplecrest is located at 11220 West Road near major roadways, including Highway 290, Beltway 8 and F.M. 1960. Completed in the 1990s, the well-maintained property consists of 13 two- and three-story buildings that house a variety of one- and two-bedroom units averaging 845 square feet. Apartment home amenities include features such as stainless steel appliances, refinished countertops, glass backsplashes, custom cabinetry, kitchen pantries, built-in bookshelves, walk-in closets, in-unit washers and dryers, and private patios and balconies. Common area amenities include resort-style pools with water features, poolside gazebos with grills and bar seating, a modernized clubhouse, 24-hour fitness center, business center, and covered parking.

 

 

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